The AI bubble has nothing to do with AI
The endless chatter about an "AI bubble" bursting focuses on whether ChatGPT subscriptions or enterprise API calls will ever generate enough revenue to justify the trillions in hype. But that's missing the point entirely. Even if every frontier lab, OpenAI, Anthropic, xAI, Google DeepMind, suddenly had zero paying customers tomorrow, the financial machinery driving the so called "AI revolution"...